According to a recent estimate by Emergen Research, the worldwide Industrial IoT market would be worth USD 128.09 billion by 2027. This market’s expansion can be due to manufacturers and industrialists adopting Industrial IoT solutions at a faster rate. The rise of Industrial IoT technologies is anticipated to be fueled by the rising demand to increase productivity, improve worker safety, and lower operational and production costs during the forecast period. The growing demand for Industrial IoT solutions is likely being driven by the growing desire to limit the risk of cyber and data breaches brought on by human error.
The transportation and logistics sector has adopted the Industrial IoT at a higher rate as a result of the growing demand to lower shipping costs. Additionally, the transportation industry is anticipated to use automotive IoT more frequently for vehicle maintenance and predictive diagnostics. Additionally, a significant driver in the growing acceptance of IoT technology in the transportation industry is the tracking of the real-time location of the vehicle for the administration of public transit. Future technological developments in transportation, such as the incorporation of vehicle-to-vehicle (V2V) communication, are anticipated to offer profitable prospects.
The primary drivers propelling the growth of this market are rising investments in Industry 4.0, government encouragement to increase industrial automation, and high productivity & efficiency needs. Additionally, the use of industrial IoT for predictive maintenance and a rise in data center density is anticipated to present a sizable potential for the expansion of the industrial IoT market. The absence of standardization and expensive capital and operating costs, however, may somewhat impede this market’s expansion.
Some of the Report’s Key Highlights
- In June 2020, IBM and Wipro Ltd. teamed up to provide cloud services to businesses and startups. Through this partnership, Wipro will create hybrid cloud services that will assist companies in managing, transferring, and transforming crucial workloads and applications securely between on-premises IT systems and private or public clouds. Customers will also have remote access to Red Hat and IBM solutions thanks to the partnership.
- In 2019, the solution segment had the most market share (47.5%). The category is anticipated to increase as a result of rising investments made by Industrial IoT solution providers in the introduction of technologically sophisticated information systems for the industrial sector.
- Over the forecast period, Logistics & Transport are expected to develop at the fastest CAGR of 9.3 percent. The logistics and transportation industry’s growing adoption of Industrial IoT technology is anticipated to fuel the segment’s expansion.
- In 2019, the Industrial IoT market’s biggest market share was held by the Asia Pacific region. The growth of this region is anticipated to be fueled by developing nations’ increasing embrace of cognitive technology and cutting-edge manufacturing automation. GE, Intel, Cisco, IBM, Siemens, Honeywell, Rockwell Automation, Texas Instruments, ABB, and Kuka are a few notable participants.
Emergen Research has segmented the global Industrial IoT Market based on Component, End User, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Services (Managed, Professional)
- Solution (Analytics, Remote Monitoring, Security Solutions, Data Management)
- Platform (Application Management, Connectivity Management, Device Management)
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Energy & Power
- Oil & Gas
- Logistics & Transport
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- the UK
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA